BRED Bank reduces minimum requirement for business account from $3,000 to $200

BRED Bank has today reduced their requirement of a minimum $3,000 deposit to open a business account to $200 to assist small and medium businesses.

This comes as Fijivillage had asked the bank to justify the $3,000 deposit at a time when people are being encouraged to open businesses and many may not have that amount of cash available.

Bank CEO Thierry Charras-Gillot says they looked into the matter and at this difficult time it was the right thing to do and facilitate the opening of accounts of small businesses.

He had earlier said that the minimum amount of $3,000 was to ensure that the people who are opening the account really want to use their account as there had been cases where people had opened an account but did not use it.